Chinese Steelmakers’ Profit Margins Shrink as Demand Drops

What’s new: Chinese steelmakers’ profit margins shriveled in the second quarter as the industry wrestled with sluggish demand and high raw material costs, according to a survey of producers.

In late June, 247 surveyed steel manufacturers reported quarterly margins of 15.2% on average, down from 83.6% the previous quarter, according to data compiled by Mysteel.com, an industry information provider.